ECB board member warns of fragmented tokenization market without digital euro

European Central Bank Executive Board member Piero Cipollone said the lack of a European digital payment instrument could increase the risk of fragmentation across tokenization platforms and weaken Europe’s monetary sovereignty, Cointelegraph reported.

Cipollone said the ECB’s goal should be to create a digital euro that can be exchanged between banks and used for everyday transactions. He added the aim is not to replace the role of banks, but to provide infrastructure that banks need to compete in the digital era and help expand the reach and use cases of banks’ own payment solutions.

Source: Coinness